Home Loans: ARMs

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Understanding CrossCountry Mortgage ARM Options for Jumbo Buyers Jenny Aldrete discusses CrossCountry Mortgage loan programs on the Realtor Hive Podcast, highlighting the returning 7/6 adjustable-rate mortgage (ARM) and its benefits, especially for jumbo loans above conventional limits. She explains that a 7/6 ARM keeps the same rate and payment for seven years, then adjusts every six months, with features designed to limit payment shock. Using a $1.1M purchase example with 20% down, she notes the ARM was priced about 0.5% lower and saved roughly $360–$370 per month, nearly $30,000 over seven years, and contrasts jumbo, conventional, and high-balance conventional options. The episode also covers interest-only versus fully amortized payments and encourages buyers to compare lender quotes, clarify goals like keeping cash, and consider refinancing or selling within 5–7 years. 00:00 Loan Programs Intro 00:34 Meet the 7 6 ARM 00:59 Jumbo Loan Example 03:02 How 7 6 ARM Works 03:48 Refi and Time Horizon 04:22 Buyer Tips and Goals 05:25 Savings Case Study 05:44 Other ARM Options 06:12 Interest Only vs Amortized 06:45 Wrap Up and Contact